Marcus & Millichap Leads Sale of Dupont Apartments

The four-unit property sold for $2.3 million to a Washington, D.C., condo developer. Marcus & Millichap represented the seller, a private investor.
The property at 1524 18th St. NW in Washington, D.C.

The property at 1524 18th St., NW in Washington, D.C.

Marcus & Millichap recently announced the sale of 1524 18th St. NW, a four-unit vacant apartment property in Washington, D.C. The asset sold for $2.3 million, or $569,750 per unit. Associate Dennis Cravedi, Vice President of Investments Marty Zupancic and Senior Associate Grant Fitzgerald, all in Marcus & Millichap’s Washington, D.C., office, exclusively marketed the property on behalf of the seller, a private investor. A local condo developer purchased the building and now plans a substantial rehab of the property.

Located in the Dupont Circle neighborhood, within a 7-minute walk from the Dupont Circle and a 19-minute drive from the Ronald Reagan Washington National Airport, the property is close to public schools such as Emerson Preparatory School and Ross Elementary School. The zoning lends itself to an array of residential and commercial uses.

Previously listed with another national brokerage firm in early 2015 for $2 million, the Zupancic Group of Marcus & Millichap generated 37 property tours and 12 written offers, ultimately closing $64,000 above the original list price.

“The property’s prime location brought an array of investors, some including condominium developers, multifamily investors, co-living operators, student and intern housing providers and various owner/users,” said Cravedi in a prepared statement.

Earlier this year, another team from Marcus & Millichap’s Washington, D.C., office arranged the sale of a lot near Kennedy Street that will be transformed into 28 residential units.

Image via Google Street View